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Heartland Financial to Get New CFO

A little more than two months will have elapsed between old CFO's departure and new one's arrival.

Dubuque, Iowa-base Heartland Financial USA(NASDAQ:HTLF) is getting a new CFO.

More than a month has elapsed since Heartland Chief Financial Officer John K. Schmidt resigned his post. But on Wednesday, Heartland announced that it has found a replacement. New hire Bryan McKeag will join the company on Sept. 23, coming from his previous post as corporate controller and principal accounting officer for Green Bay, Wis.-based Associated Banc-Corp(NASDAQ: ASBC).

Associated Banc-Corp is described as a $24 billion bank holding company, although its market cap is only $2.7 billion. Either way, Associated is a much larger financial institution than Heartland, with a market cap of only $455 million. In fact, Heartland CEO Lynn B. Fuller made a point of noting the disparity in sizes, commenting that McKeag's "background in larger organizations will be invaluable as Heartland executes its expansion strategies."

In a filing with the SEC, Heartland advised that it will pay McKeag an annual base salary of $300,000, plus ...

A $30,000 annual bonus for fiscal 2013.

A 2014 bonus targeting 50% of base compensation.

A signing bonus of $50,000.

8,000 shares of restricted stock, with half vesting immediately and the remainder over the next three years.

3,750 more shares of restricted stock, to be granted next year under the company's Long Term Incentive Plan.

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